Part (b) required candidates to comment on the performance of the target company (based on the given and their adjusted ratios) in comparison to the sector average.

Some did quite well; the main issue, relating to most of the ratios, was that the performance based on the reported results showed the company to be performing much better than the sector average, but when the favourable effects of being part of a family group were removed, the company's performance was much closer, but still slightly better, than the sector average.

Less well-prepared candidates simply reiterated the ratios without any real attempt at interpretation, often saying nothing more than the ratios were higher/lower than the sector averages.